Final plats of subdivision may be approved by the Planning Board after the subdivider has complied with one of the following procedures:
(A) All required improvements have been installed by the subdivider in accordance with the requirements of this chapter;
(B) A surety bond or certified check has been posted by the subdivider, payable to the town upon default, in an amount not to exceed 125% of the reasonably estimated cost of completion at the time of performance guarantee to assure installation of the required improvements. The guarantee shall be in accordance with G.S. § 160D-804.1; or
(C) An irrevocable letter of credit, in a form approved by the Town Attorney, issued by a bank or other lending institution or a deposit of funds in escrow may be accepted in lieu of bond or check under the same terms and conditions as provided in G.S. § 160D-804.1.
(Ord. passed 4-8-2013; Ord. passed 5-11-2021)